Retirement Accounts and Education Savings Products

Traditional Individual Retirement Accounts – Saving and Deferring Taxes Makes Good Sense

  • Contributions are tax-deductible and you defer the payment of taxes until you withdraw the funds
  • Earnings accumulated on the IRA are tax-sheltered until withdrawn
  • $500 Minimum to open and maintain the account
  • Variety of terms available including 91 Day, 182 Day, One Year, 18 Months, 30 Months, 48 Months, 72 Months and 96 Months
  • Free On Line Banking services

Roth Individual Retirement Accounts – Saving For “Life After Work”

  • Contributions are non-deductible, but withdrawals, and earnings, are tax-free
  • Earnings are tax-sheltered
  • $500 Minimum to open and maintain the account
  • Variety of terms available including 91 Day, 182 Day, One Year, 18 Months, 30 Months, 48 Months, 72 Months and 96 Months
  • Free On Line Banking services

Education Savings Accounts (Coverdell) – Saving For A Brighter Future

  • Available for participants to contribute up until their 18th birthday
  • Contributions are non-deductible, earnings are tax-deferred and distributions are tax free
  • Funds are to be used to pay for qualified education expenses
  • $500 Minimum to open and maintain the account
  • Variety of terms available including 91 Day, 182 Day, One Year, 18 Months, 30 Months, 48 Months, 72 Months and 96 Months
  • Free On Line Banking services

Please see additional disclosures for important details

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